Rising water continues to climb

Nickel

Driven by Chinese buyers, hopes for a trade agreement between China and the United States, and increased investor risk appetite, the London metal market closed higher overnight, and nickel prices continued to rise.

Today's Shanghai Metal Network spot nickel quotation: 122700-124400 yuan/ton, up 1750 yuan/ton. Jinchuan nickel spot price is up 2450 yuan/ton compared to Zhonglian Gold 2508 contract, up 2100 yuan/ton compared to Shanghai Nickel 2508 contract, and Russian nickel spot price is up 750 yuan/ton compared to Zhonglian Gold 2508 contract, up 400 yuan/ton compared to Shanghai Nickel 2508 contract.

In the morning session, Shanghai nickel fluctuated and rose, while spot prices followed suit with a slight downward adjustment. Today's transactions were few, and users had low buying enthusiasm, resulting in average short-term activity. At present, domestic inventory and demand pressures continue, and the overall market performance has been sluggish. Analysis suggests that there may not be a turning point in demand in the short term, and with the downstream stainless steel consumption market operating at a lower rate, the possibility of nickel prices rebounding is also low.

Copper

Today's electrolytic copper quotation is 79400-79800 yuan/ton, with an average price of 79600 yuan/ton, an increase of 975 yuan/ton compared to the previous trading day. The Shanghai copper 2507 contract is quoted an increase of 150-280 yuan/ton.

The rise in copper prices continues to expand, with the main copper contract in Shanghai rising 1140 yuan/ton, or 1.46%, as of noon closing. The activity of the spot market is still acceptable today, with tight spot circulation and insufficient supply of goods. Coupled with the demand for long orders before the end of the month, the spot premium continues to rise.

In addition, the quantity of good copper is relatively scarce compared to ordinary copper, and the price difference between brands continues to widen. During the trading session, good copper rose by around 260, while average copper rose by around 160. Transactions were relatively concentrated, and there was a relatively large amount of market volatility today. Short term price increases are still affected by the supply of goods.

Aluminium

Today's spot aluminum ingots are reported at 20870-20910 yuan/ton, with an average price of 20890 yuan/ton, an increase of 190 yuan/ton from the previous trading day, and an increase of 80-120 yuan/ton for the 2508 contract. On Friday night, Shanghai Aluminum opened higher and continued to rise. This morning, the gains continued to expand, and as of noon, the main contract closed up 275 yuan/ton, an increase of 1.34%. The inventory of aluminum ingots has slowed down, and there has been an increase in supply in the spot market.

The non-ferrous sector generally rose, and the market's fear of high sentiment combined with the demand for long orders before the end of the month, led to overall stable spot transactions and slight fluctuations in quotes with the market.

Lead

Today's spot price for lead is 16650-16800 yuan/ton, with an average price of 16725 yuan/ton, which is 100 yuan/ton higher than the previous trading day.

The price for the 2508 contract is 260 to 110 yuan/ton. On Friday night, the main contract for Shanghai lead opened high and then rose. In the morning session, it first suppressed and then rose. At noon, it closed up 160 yuan/ton, an increase of 0.95%.

The activity of the spot market has relatively warmed up today. Lead prices have rebounded and stopped falling. Downstream companies have increased their inquiries and negotiations, and their willingness to buy at a low price has increased compared to before. Although overall demand remains the main trend, the market atmosphere and transactions have improved.

Zinc

Today's spot zinc price is 22770-22870 yuan/ton, with an average price of 22820 yuan/ton, an increase of 490 yuan/ton from the previous trading day. The Shanghai Zinc 2508 contract is quoted at a discount of 60 yuan/ton to 40 yuan/ton; 1 # 22700-22800 yuan/ton, with an average price of 22750 yuan/ton, an increase of 490 yuan/ton from the previous trading day. The Shanghai Zinc 2508 contract is offered a discount of 130 yuan/ton to 30 yuan/ton.

On Friday night, the main contract for Shanghai zinc rose sharply, fluctuating at mid to high levels this morning. As of the morning close, the main contract for Shanghai zinc rose 555 yuan/ton, an increase of 2.49%.

Today, the spot market maintained a weak and stable state, with a significant rise in the market. Downstream demand trading was cautious, and the premium continued to decline with the market.

Tin

Today's spot tin ingot quotation is 266500-268000 yuan/ton, with an average price of 267250 yuan/ton, an increase of 1750 yuan/ton from the previous trading day.

Shanghai futures and tin prices have risen sharply today, with a recent and far month basis spread expanding at a discount; The increase in market value during the second trading session widened.

The price of futures is rising, and smelters are holding firm quotes, which limits trading.

The price has risen, suppressing transaction growth, and inventory has increased again recently; Overall, terminal consumption is still in the off-season, and the actual replenishment quantity still depends on the user's own situation. The soldering market is relatively better than other industries, but it is currently judged that the overall performance may still be lower than expected.